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Buying A Repo - the ups and downs!
skipfeeney
Posts: 132 Forumite
Hey All,
I am in the process of buying a repo. I offered full asking price. Got accepted and then a week and a half later I have been informed that a higher offer has been put in, and would I up my offer. When my offer was accepted they said a notice would go up on right move stating the offer - but it never has. They say they are not able to tell me what the other offer is - which i accept but now i am thinking how come they cant tell me what it is, but they can publish it on Right Move?! Dosent make sense to me.
Anyway, I decided not to increase my offer and told them i need to know asap if it the other offer has been accepted so I can cancel my solicitor. They said they would find out (this was thursday) still no news which i am finding strange - if it was such a good offer surely it would cancel mine out?
Bit dubious with it all at the moment. I originally put in an offer under asking price but then got called back and said someone else has put same offer in, and if i move to asking price i will get it. So i did. I recieved a written confirmation of my second offer but not my first. Also the confirmation shows who the seller is - it turns out it is an Asset Management company...owned by the same parent company as the Estate Agent..mmh!
Also in the area - all the repo's seem to be going for well under the asking price and the market is soooo slow so not sure if they are just trying to up the price here.
Thanks
I am in the process of buying a repo. I offered full asking price. Got accepted and then a week and a half later I have been informed that a higher offer has been put in, and would I up my offer. When my offer was accepted they said a notice would go up on right move stating the offer - but it never has. They say they are not able to tell me what the other offer is - which i accept but now i am thinking how come they cant tell me what it is, but they can publish it on Right Move?! Dosent make sense to me.
Anyway, I decided not to increase my offer and told them i need to know asap if it the other offer has been accepted so I can cancel my solicitor. They said they would find out (this was thursday) still no news which i am finding strange - if it was such a good offer surely it would cancel mine out?
Bit dubious with it all at the moment. I originally put in an offer under asking price but then got called back and said someone else has put same offer in, and if i move to asking price i will get it. So i did. I recieved a written confirmation of my second offer but not my first. Also the confirmation shows who the seller is - it turns out it is an Asset Management company...owned by the same parent company as the Estate Agent..mmh!
Also in the area - all the repo's seem to be going for well under the asking price and the market is soooo slow so not sure if they are just trying to up the price here.
Thanks
0
Comments
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Yup!
That's repos!0 -
What I cant understand though is this "We can't tell you what the offer is" business, only for a week later the offer appears in the paper / right move?!0
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the problem with buying a repo is any offer can be outbid until you sign the contract .You say you offered the asking price but is that the market value ,or is it lower .
If its the market value and you are not getting a bargain I would look elsewhere ."Do not regret growing older, it's a privilege denied to many"0
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